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RICH VIETNAMESE PEOPLE ON THE RACE TO GET MILLION-DOLLAR APARTMENT

Recently many rich Vietnamese people, even though they have townhouses and villas, still spend tens of billions of VND buying luxury apartments to relax and invite friends to play.

Ms. Hoa – who already owns a house on the street and is building a mansion in Thu Duc City – has just spent 30 billion VND to buy a luxury apartment on the 27th floor of a high-class apartment project. This apartment has a view overlooking the Saigon River, a windy balcony, not entangled with the works under construction. The owner is proud to have an eternal view that does not change over time.

The house is more than 200 m2, arranged 4 bedrooms, but the owner demolished one bedroom, expanded the common space, arranged the kitchen according to his own preferences. Ms. Hoa took more than a year from the moment she received the rough house to the completion of the interior because she had to do it over and over again to be satisfied.

Ms. Hoa said that the cost of decorative lights for the living room, dining room, balcony and bedrooms all ordered from Italy cost more than a billion dong. The total cost of interior decoration is up to 5 billion VND because every item is “measured to make shoes”. Last May, the homeowner installed a speaker system to enjoy music and watch movies at home with an investment of up to $20,000. Two large paintings in the living room and dining room – a rare piece of furniture originating in Vietnam, about hundreds of millions of dong.

“The apartment is where I welcome friends to come play or organize a party to invite VIP guests because of the beautiful view, convenient car park and cool space to relax. The broker has contacted a customer asking to buy this apartment. 35 billion dong, but I don’t sell it because I save it to enjoy life,” said Ms. Hoa.

View of downtown on the banks of the Saigon River from a million-dollar European-style apartment. 

Not only Ms. Hoa, VnExpress ‘s record shows that the trend of investing tens of billions of dong to buy apartments in the luxury housing segment is quite popular among the rich in Vietnam. Mr. Truong, a longtime businessman in the retail industry, even though he lives in a 300 m2 villa in the South Saigon area, still buys a 200 m2 penthouse apartment with an elevated garden, located at the corner of an apartment complex located In District 1, the price is 25 billion VND. The owner hires an interior design company with a package cost of 8 billion VND.

Photos inside the million dollar apartment

Mr. Truong spent half a billion for the combo of bed, sofa and dining table imported from Europe. The chandelier set in the living room and dining room is also an imported product with a price of more than 600 million VND. Household electrical appliances are ordered from Germany and Japan, the total cost is tens of thousands of USD. The art paintings hanging in the house cost up to billions of dollars.

“I bought this 33 billion VND apartment because of many utilities, self-contained services, good security, beautiful city view from above, can sit at home watching New Year’s fireworks, convenient reception .. These are valuable experiences that townhouses and villas never have, “said Mr. Trung.

Living room space in a million-dollar apartment located in District 1, Ho Chi Minh City. 

According to the share from NeloDécor Company, a unit specializing in architectural design and construction (design & build), interior installation for villas, penthouses and apartments in the high-end to luxury segment, market Luxury apartments are very popular with successful business customers.

NeloDécor has just made two apartments on the 29th floor for a businessman who bought two corner apartments to combine into a large apartment of nearly 400 m2, the cost of the raw apartment is 2 million USD and the interior construction cost is up to 12 billion VND. The house is designed in a semi-classical style, with the emphasis being on delicate textures and patterns, interior materials combining stone, wood, leather… are elaborately crafted according to the owner’s own aesthetic taste. .

This company also said that it has designed and built a penthouse for a family who is a famous businessman in Vietnam with a raw house price of $ 2.5 million and interior construction costs of up to VND 15 billion. The entire apartment is equipped with a smart home system, smart glasses can switch to transparent mode or vice versa, depending on the purpose of use from time to time. The owner has invested nearly 1 million USD for furniture and all equipment in his penthouse.

A corner of modern style dining room and balcony of a luxury penthouse apartment located in District 1

Architect Le Duy Van, CEO of Nelodecor, said that 10 years ago, the company used to build high-end villas and penthouses for successful customers, but then it had not become a trend like that. Currently. After a decade of looking back, more and more customers are now spending large amounts of money from 1 million to 2 million USD to buy luxury apartments in the central area to live as well as enjoy high quality life. This customer segment is also very willing to invest in the interior of the apartment, they are willing to spend tens of billions of dong to make furniture and decor.

Mr. Van commented that these customers are super-rich people who already own a lot of real estate and have rich experience in the luxury housing segment. Through a survey from the data of the rich Vietnamese, they prefer apartment projects with many utilities, good security, city view or from the apartment, they can see the river landscape. When there is a need to travel or work long distances, they are assured of good security.

The vast majority of luxury customers have high aesthetic taste, prefer branded furniture, they prioritize enjoying life, so the decoration and design standards are very strict. Mr. Van added that the majority of the rich choose design consulting services to create a luxurious and classy house according to a theme. However, there are still some people who design and build houses according to their own preferences, only assigning contractors to each individual item, when the finished product is not satisfied, they will be demolished and reworked, which takes a lot of time and costs billions of dollars. .

Mr. Pham Lam, CEO of DKRA Vietnam, confirmed that the trend of buying luxury apartments such as villas in the sky of the rich Vietnamese is increasing year by year. This is a normal response in the context that the need to show class and the need to enjoy life is increasing, the basket of luxury houses is also gradually increasing to keep pace with the development of the market.

Mr. Lam assessed that these are product lines aimed only at the super-rich, so they have a different taste in consumption and sales than the rest of the market. These luxury apartments are often the second and third homes of the rich Vietnamese, even like iconic jewelry, similar to limited edition supercars, worth a few million dollars. .

According to a report by Cushman & Wakefield, it is expected that this year, the segment of apartments from high-end to luxury will continue to have new supply appearing in the core area of ​​​​Ho Chi Minh City center or on the Thu Thiem peninsula near the Saigon River. Saigon, connecting towards District 1. The range of apartment price increases in this segment is quite high because the following projects all set new price levels along with improved product quality. While the average selling price of luxury apartments reached the threshold of 143.6 million dong per square meter (US$6,266) at the end of the fourth quarter of 2021, an increase of 23% over the same period in 2020, the line of luxury apartments or real estate Branded products in the inner city are priced at 17,500 USD per square meter, about 400 million VND per square meter.

Mr. Eddie Lim, CEO of Viva Land, confirmed that today, home buyers are not only interested in the value of the product, but also require the project to meet the criteria of creativity, sustainability and living environment. healthy. Today, this concept is known as “eco-friendly luxury living”, meaning a classy and sustainable lifestyle. This is a trend that is interested by upper-class customers in urban areas. Especially in the central areas of Ho Chi Minh City, the interest and demand for apartments with golden location is also forecast to increase.

According to Mr. Eddie Lim, the number of rich people in Vietnam is increasing rapidly compared to the common level of many countries and territories in the world, and is likely to increase sharply in the next decade. These product lines aimed at this customer group will certainly be upgraded in both quantity and quality in the coming years to meet the needs of upper-class customers.

The CEO of Viva Land Company said that, with a positive economic growth momentum, besides the demand for luxury apartments of the super-rich in the country, Vietnam promises to be also a destination for foreign tourists and the world’s most famous. rich Asians. The market is also receiving increasing attention from Asian investors, thanks to the relatively lower prices compared to Singapore, Hong Kong, Taiwan, Japan, and China.

Source VnExpress

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